Airtel utilises funds from sale of 2 units to pay bank debt


Telecom major Bharti Airtel today said that it has used funds realised from sales of its two African subsidiary to Orange for paying bank debt. “We wish to inform that Orange has completed the acquisition of 100 percent of the operations of Airtel in Sierra Leone via its subsidiaries, having already closed the transaction for Burkina Faso on June 22, 2016 as intimated in our communication dated the same day. Proceeds from both the transactions have been applied to pay down bank debt,” Airtel said in a late night statement. Airtel, in July last year, had announced that it is entering an agreement with Orange to sell its four subsidiaries in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone in Africa. The agreements for the remaining two countries have lapsed. As per the agreement, Orange will acquire 100 percent of the companies’ share capital. The consolidated revenue of the two companies is around 275 million euro. The net debt of Bharti Airtel at the end of March 31 was USD 12,661 million.